AUD/USD Outlook (5 November 2019)

Overall, AUD/USD has been trending upwards. Recently, AUD/USD has been ranging across within 55pips.
The Reserve Bank of Australia (RBA) kept rate unchanged at 0.75% as forecasted.
In the monetary policy statement, the RBA mentioned that the recent rate cuts since June “is supporting employment and income growth in Australia and a return of inflation to the medium-term target range”, hinting at a likely pause in rate cut.
The positive outlook of the Australian economy after the recent series of rate cuts provides buying opportunities of AUD/USD.
Currently, the AUD/USD is testing the key level of 0.69. AUD/USD’s next support level is at 0.68800 and the next resistance level is at 0.70500.